Yesterday we settled on our first IP – Yippee! A good step forward.
Today we received the receipts and other paperwork from our conveyancer. On the list of money paid out was a sum of over $1100 paid to our vendor's solicitor. It's now after business hours on a Friday so I can't contact the conveyancer to ask what it was for.Would anyone here have any idea why we were charged that fee as well as our own conveyancer's fee? No one mentioned it to me so I assume it must be a common place thing but it is the first I have become aware of it.
Thanks in advance.
I would check it out, I have never paid money (Knowingly) to a vendors solicitor/ conveyancer.
Hmmm got me there, I have never had to, nor when I sold did they have to pay mine. Perhaps it was written in the contract?
No, its not a normal thing. Could it be a pro-rated amount for council rates, water service, etc already paid up by the seller ?
Hi there
often with a settlement statement there will be a cheque for the bank/vendor or vendor's solicitor trust account, cheques for council for rates etc or if there is a body corporate – a cheque for them – and there usually will be a cheque for the vendor's solicitor – so the vendor's solicitor doesn't need to chase his client for funds from the settlement.
It does seem a lot though – so there may be an additional amount being paid from this settlement to the vendor's solicitor – because of something the vendor has asked his solicitor to do – so long as the amount all adds up – it doesn't matter how the vendor has his cheques – so long as he pays for any extra bank cheques required.And yes – I beg to differ with the other comments – it is a usual thing
thanks
You're absolutely right raddles. If I'd bothered to dissect the settlement statement more thoroughly I would have noticed that the sum due to the vendor had been broken up so that part of it was in a cheque made out to their solicitor. But then… I was still suffering the ravages of the worse flu I'd had for years and there were all those little pre rental maintenance tasks to organise.
; "Huh?"){kind=small}
You must be logged in to reply to this topic. If you don't have an account, you can register here.
